Under the current law, IDFPR does not have to consider the impact on consumers when setting the rates. Rather, IDFPR only considers industry-related factors, such as a “reasonable profit” for the industry.

This bill is part of an agreement that included an agreed set of new maximum rates on check cashing. Those rates were approved in March 2018 by the Joint Committee on Administrative Rules. Under the agreement, the maximum rates on most check types (e.g., payroll checks, personal checks, etc.) were increased while the maximum rates on public assistance checks were cut.